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I found it very helpful not to do the venture round. Instead, I started with very little money, a few thousand dollars, and I did every job myself. I was the first photographer. I was the first customer service rep. I was the first online marketing person.

You've got to figure out how you're going to come in and significantly impact and redefine a market such that you become a market share leader in it.

Spend the first six to 12 months building a great product or service that people love, rather than chasing investors. When the time comes to engage investors, you will be meeting them from a position of strength. This makes all the difference.

One thing that has made us so successful is that we've never taken outside investment. That means we can concentrate on what our customers want - not what the stockholders or the VCs want.

The best early-stage venture capital investments appear obvious in retrospect; however, very few of them are actually obvious when you make them.

In marketing I've seen only one strategy that can't miss - and that is to market to your best customers first, your best prospects second and the rest of the world last.

I'll say this: I can't think of one instance in my 20 years in venture capital in which I have wanted to sell a company before the entrepreneur.

We like to be the largest outside investor, and the first outside investor.

I think one of the key differentiators I bring to the table as a venture capitalist is a solid understanding of the public markets and how they operate.

If you are going to be a great investor, you have to fit the style to who you are.